Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,62,037 5,52,546 5,04,167 2,25,984 2,48,264 3,99,132 - -
Change - -16.54% -8.76% -55.18% 9.86% 60.77% - -
Enterprise Value (EV) 1 7,04,603 6,17,325 6,13,420 3,46,479 3,57,804 4,18,820 4,28,673 4,30,641
Change - -12.39% -0.63% -43.52% 3.27% 17.05% 2.35% 0.46%
P/E 9.28x 15.3x 68.9x -187x -24.7x 17.5x 24.1x 15.4x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 1.08x 1.11x 1.11x
PEG - -0.3x -0.9x 2x -0x -0x -0.9x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.28x 2.2x 2.1x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.39x 2.37x 2.27x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 51.7x 37.9x 36.1x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x -183x 216x 572x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 19.6x 37x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 5.11% 2.7% -
Dividend per Share 2 8.2 4.2 - 0.5 0.5 1.257 1.233 2.841
Rate of return 7.88% 4.84% - 1.41% 1.28% 2% 1.97% 4.53%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 3.584 2.604 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 35.1% 47.3% 70%
Net sales 1 2,73,500 2,51,647 1,99,139 2,00,040 1,75,411 1,75,393 1,81,205 1,89,813
EBITDA 1 68,508 35,255 4,039 4,834 3,070 8,095 11,324 11,933
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 -2,290 1,985 753.1
Net income 1 71,300 36,143 7,338 -1,232 -10,049 20,070 13,214 25,840
Net Debt 1 42,566 64,779 1,09,253 1,20,495 1,09,540 19,688 29,541 31,509
Reference price 2 104.00 86.80 79.20 35.50 39.00 62.70 62.70 62.70
Nbr of stocks (in thousands) 63,65,741 63,65,741 63,65,741 63,65,741 63,65,741 63,65,741 - -
Announcement Date 10/01/22 13/03/23 07/03/24 13/03/25 06/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.49x2.39x51.74x2% 1.26TCr
17.57x0.81x5.79x4.57% 2.2TCr
21.52x4x11.73x6.47% 1.96TCr
-88.56x0.87x6.43x0.81% 1.49TCr
-316.32x - - -.--% 1.45TCr
23.78x3.6x11.87x1.96% 791.64Cr
23.83x2.35x15.41x1.65% 589.91Cr
23.13x0.78x11.66x2.76% 559.15Cr
26.95x2.75x17.58x1.98% 502.1Cr
22.53x - - - 493.98Cr
Average -22.81x 2.20x 16.53x 2.47% 1.13TCr
Weighted average by Cap. -36.87x 2.14x 15.43x 2.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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